Morocco Attracts $1.5 Billion in Private Capital Annually

Morocco has emerged as one of the main global beneficiaries of private capital mobilized through public development interventions. Between 2021 and 2024, the Kingdom attracted an average of $1.5 billion per year, according to the Organisation for Economic Co-operation and Development (OECD) report released on Sunday, August 2, 2026.

With this amount, Morocco ranks 10th globally, tied with Serbia. Over the four-year period studied, the Kingdom would have attracted approximately $6 billion in private capital, calculated at 2023 constant prices.

Morocco, Africa’s Third Largest Beneficiary

On the African continent, Morocco holds the third position. It is preceded by South Africa, which attracted an average of $1.7 billion per year, and Egypt, with $1.6 billion.

Thus, the Kingdom ranks ahead of Ethiopia, credited with $1.2 billion per year, Kenya with $800 million, and Nigeria with $700 million.

Globally, Brazil leads significantly with $6.5 billion in private capital attracted each year. India follows in second place with $5.7 billion, followed by Turkey with $3.2 billion, Mexico with $2.1 billion, and Colombia with $2 billion.

Africa Accounts for 30% of Mobilized Capital

The African continent was the primary region benefiting from private capital mobilized through public development interventions between 2021 and 2024. Africa attracted an average of $19.7 billion per year, which represents approximately 30% of the global total.

Latin America and the Caribbean follow with $18 billion per year, accounting for 28% of the total. Asia received $16.5 billion, or 25%, while Europe concentrated 11% of the mobilized funds. Oceania represents only 0.1%.

According to the OECD, guarantees were the main instrument used in Africa to attract private capital, surpassing direct investments, syndicated loans, and collective investment vehicle participations.

Middle-Income Countries Capture 69% of Flows

Middle-income countries captured 69% of the private capital mobilized during the studied period. The upper tier accounted for 42%, compared to 27% for the lower tier.

Least developed countries received only 8% of the funds, while the remaining 23% was not categorized by income level.

Fragile economies attracted an average of $5.7 billion per year between 2021 and 2024. Small island developing states received approximately $1.1 billion annually.

Over $600 Billion Mobilized Since 2012

Over the period from 2012 to 2024, public development interventions succeeded in attracting over $600 billion in private resources.

The annual amount of mobilized capital increased from $17 billion in 2012 to $75 billion in 2024, calculated in 2023 constant prices. The growth has notably accelerated in recent years, with $66 billion in 2022 and $70 billion in 2023.

In current value, the figure reached about $77 billion in 2024, reflecting a 28.2% increase compared to 2020.

Between 2021 and 2024, guarantees and direct investments each represented 25% of the average annual contributions. Syndicated loans accounted for 20%, followed by participations in collective vehicles at 15%, lines of credit at 9%, and simple co-financing at 7%.

Infrastructure Receives the Bulk of Funding

Infrastructure and economic services benefited from nearly 70% of the private capital mobilized between 2021 and 2024.

Banking services and business activities represented the largest category with 41.8% of the total. They were followed by industry, mining, and construction with 14.1%, energy with 13.7%, and transportation and warehousing with 9.4%.

Communications attracted 5.3% of the capital, ahead of agriculture, forestry, and fishing with 3.6%, health and population with 2.1%, and water and sanitation with 1.9%.

However, the OECD notes an inconsistency in the presentation of some sectoral data. The values in the graph are expressed as a percentage of the total, while some report comments present them as amounts in billions of dollars. In the absence of raw data to clarify the two interpretations, the percentages from the graph are retained.

Climate Financing Attracts $26.2 Billion Annually

Climate-related projects also played a significant role. They attracted an average of $26.2 billion in private capital per year between 2021 and 2024, accounting for approximately 40% of the total.

Nearly 70% of these funds were dedicated to reducing greenhouse gas emissions. Projects combining emission reductions and climate change adaptation represented 22%, while initiatives focused exclusively on adaptation captured 8%.

Latin America and the Caribbean received the largest share of private capital linked to climate, with $9.2 billion per year. Asia followed with $6.4 billion, and Africa received $5.9 billion.

Multilateral Banks Play a Central Role

Multilateral development banks accounted for 71% of the private capital mobilized between 2021 and 2024. Other multilateral institutions represented 5%, while bilateral providers contributed 24%.

The International Finance Corporation (IFC) led the multilateral institutions, mobilizing $20.62 billion on average each year, which is 41% of the total allocated to multilateral institutions.

It is followed by institutions of the European Union, with $7.20 billion, the Multilateral Investment Guarantee Agency (MIGA) with $5.64 billion, BID Invest with $4.14 billion, and the European Bank for Reconstruction and Development with $2.98 billion.

The African Development Bank mobilized nearly $1.97 billion per year.

The United States, Top Bilateral Contributor

Among bilateral contributors, the United States occupies the top spot with an average of $6.52 billion mobilized each year, accounting for 42% of the total bilateral contribution.

The United Kingdom follows in second place with $2.13 billion, followed by France with $2.06 billion, Germany with $1.33 billion, and Japan with $1.02 billion.

The Netherlands, Sweden, and Norway round out the top contributors, with $530 million, $500 million, and $470 million per year, respectively.

Bilateral development finance institutions attracted $42.8 billion in private capital between 2021 and 2024. The annual figure increased from $9.2 billion in 2021 to $12.2 billion in 2024.

The U.S. International Development Finance Corporation (DFC) dominates this segment with $5.41 billion mobilized per year, followed by Proparco with $1.71 billion and British International Investment (BII) with $1.40 billion.

A Rank That Confirms Morocco’s Attractiveness

The ranking established by the OECD highlights Morocco’s capacity to mobilize private capital through public development mechanisms.

With an average of $1.5 billion per year between 2021 and 2024, the Kingdom ranks among the top ten global beneficiaries and holds the third position in Africa. This standing underscores the growing role of financing and guarantee mechanisms in supporting investments and development projects in Morocco.